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SmartTradeFX Review - Is it scam or safe?

SmartTradeFX  Review - Is smart-trade-fx.co.uk scam or safe?

RATING: 2 / 2 REVIEWS ForexBrokerz SmartTradeFX
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spreads
ECN Standard  $100  0.01 1:300 1.7-2.0 pips on EUR/USD
ECN PRO  $2 500  0.01  1:200 1.5-1.8 pips on EUR/USD
ECN VIP  $25 000  0.05 1:100 1.2-1.5 pips on EUR/USD

 

Like most forex brokers, SmartTradeFX offers its clients a choice of several basic account types. The one with the smallest initial deposit offers the highest spreads.


Micro lots are available for trade and, of course, the broker provides free $50,000 demo accounts for 35 days, which are suitable for beginners.


The Company. Security of Funds


An offshore broker, SMARTTRADEFX offers STP/ECN trading in more than 40 currency pairs and various CFDs as well as precious metals on the popular MetaTrader 4.


SmartTradeFX is the trading name of SmartTradeFX Limited - a St. Vincent International Business Company (IBC), providing financial services under the laws of Saint Vincent and the Grenadines (SVG).


SVG’s financial regulatory regime is one of the most liberal ones and registration procedure is easy and less costly. That is why this Caribbean island is a popular jurisdiction for forex start-ups.


SVG-based brokers don’t face any of the strict requirements US or UK-based brokerages do: they are not required to report regularly to any authority, nor to conduct external audits; IBCs are not obliged to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency.


To put it simply, if you choose to open an account with a SVG-based broker, your funds are far from safe. So, if you intend to invest a large amount of money, we would advise you to select among FCA-regulated brokerages, US-based ones or Swiss brokers, where adequate rules and supervision apply.


Trading Conditions


Minimum Initial Deposit
The minimal amount required to open an account with SmartTradeFX is $100, which is an average minimum initial deposit. Many other offshore brokers, however, require less: SVG-based Cent Mark FX demands $20, ProfiForex, registered in the Seychelles, just $1. What is more, leading and well-regulated brokers like CMC Markets or XM, also require $1 from traders for opening an account.


Average Spreads & Commissions
This broker offers floating spreads, varying by account type. The average spreads on the ECN Standard account amounting to 1.7-2.0 pips on EUR/USD. SmartTradeFX says that it doesn’t charge any commission (as it gets compensation through the spread); however, such spreads are considered comparatively high for the forex market.

What is more, we wouldn’t advise you to opt for the ECN VIP Account, as what such account holders get for $25 000 initial deposit is far from attractive pricing: spreads from 1.2-1.5 pips are on the upper end of average and can hardly be described as VIP service. In comparison, Belize-based ForexBrokerInc offers spreads as low as 1.0 pip on its Pro commission-free accounts, for which the minimum initial deposit is $100.


For further information, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage
SmartTradeFX offers leverage up to 1:300, which is a comparatively high ratio for the forex market. Many FX brokers, however, offere higher leverage levels. For instance, OctaFX, also SVG-based, provides maximum leverage up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here


Traders, however, should be aware of the risks associated with higher leverage: it may not only multiply your profits on a small deposit, but also lead to heavy losses, exceeding initial investments.


Trading Platform


As most forex brokers, SmartTradeFX supports the famous MetaTrader 4 (MT4), available as PC, mobile and web versions. MT4 provides all a trader needs: a number of technical indicators, sophisticated charting system, extensive back-testing environment and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own (if they are handy with code) automated trading strategies and simply let the program do all the work.


Here is a list of more forex brokers offering MT4 platform.


In addition, SmartTradeFX provides MT4 Money Manager Terminal, which enables asset managers to access, trade, and monitor multiple accounts.


The broker also is offering VPS (Virtual Private Servers) for live account holders. The first month VPS id for free and Later use involves a price of $21.24 USD a month.


Methods of Payment


The following payment modes are available to clients of SmartTradeFX: Credit cards (Visa, MasterCard, bank transfer, and the following e-wallets: OKPAY, Bitcoin, CashU.


SmartTradeFX currently accepts deposits in USD, Euro and GBP.


Conclusion


This broker offers mediocre conditions for forex and CFD trading on the popular MT4. Its biggest disadvantage, according to us, is the lack of regulation. Here are, in a nutshell, the advantages and drawbacks with regard to SmartTradeFX:

 

Pros Cons
ECN environment Not regulated
MT4 available No choice of trading platforms
  Comparatively high spreads

 

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Traders` reviews for SmartTradeFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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MY EXPERIENCE WITH THIS BROKER

With this broker I had a pro trader trading for me. I was able to view all trades and see all profits on my personal dashboard. On the home page it states there's a one time fee but it doesn't see what that fee is. That so called one time fee is 20% of your first withdrawal. I made a deposit of $200 and the pro trader turn that $200 into $11,050 within 7 days. Too good to be true right. Upon withdrawal I had to send them the 20% that part they don't tell you. They don't take the funds from your account. That was the first RED FLAG. I then like a dummy sent the 20% (2,210). Before sending the funds I asked six times or so if there was any other fees. I was told no. I moved forward and sent the funds. As I requested a withdrawal I was then informed there was taxes I needed to pay of $750. A few of my friends were willing to pay that part but before sending over the funds we asked again was there any other fees. Again, we were told. They asked for the bitcoin address we would like the funds to be sent to. We provided and was told I can take up to an hour. We checked back about three hours later. NO FUNDS. we contacted customer support and was told we needed to send over another $600. Need I say more? BIG SCAM and they're very good at it too.

Frank Oliver 07/29/2019
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